UK trader arrested for May 2010 U.S. Stock market flash crash

[just21]

Nick Leeson did quite well from lectures and he was a loser. Nav could make a fortune consulting if he has to settle with the government to avoid jail.

 

[i960]

Yep - and Leeson did MUCH worse stuff than what Nav was up to.

 

[southall]

Interesting that he says he is only Worth 5 M£ now...If he has lost most of what he made at his top and now face a criminal trial, it is just a terrible nightmare...

"So in August 2012, Sarao seems to have had about $32 million available. That tallies with an undated diagram, which appears to be from 2013, that says IGC had assets of 22 million pounds, which would have been worth $34 million using 2013's average exchange rate. It's still not $40 million, but it's enough to go on the lam with, I guess.

But by October 2014, the picture had changed. Sarao writes to the administrators of his companies, saying, "I am proposing that the loan be reconsidered for 4.25 million pounds, leaving 1 million pounds in the account." At the then-prevailing exchange rate, that's a total of $8.4 million -- a lot closer to the $5 million Sarao says he currently has than the $35 million the CFTC accuses of him of hiding."

This all makes me wonder if he didnt make 35 mill for clients and 20% of that for himself.
That would explain why he only has a fraction of all the money they claim he made.

 

[southall]

Nick Leeson did quite well from lectures and he was a loser. Nav could make a fortune consulting if he has to settle with the government to avoid jail.

Nick Leeson and Jordan Belfort had lives worth making movies about.
And have the personalities to earn big speaking fees.
Poor nav probably has neither.
Still he could sell trading seminars to newbie traders, always lots of money to be made doing that.

 

[i960]

Nick Leeson and Jordan Belfort had lives worth making movies about.
And have the personalities to earn big speaking fees.
Poor nav probably has neither.

Man, seriously? Nav earned his money spoofing or not. Leeson brought down an entire fucking bank. You really have some particular beef with Sarao.

 

[southall]

Man, seriously? Nav earned his money spoofing or not. Leeson brought down an entire fucking bank. You really have some particular beef with Sarao.

Thats exactly it, thats why the made movies about leeson.
Nobody wants to watch a film or hear lectures about a guy who spoofed from his bedroom, except maybe other traders like us.

 

[i960]

Thats exactly it, thats why the made movies about leeson.
Nobody wants to watch a film or hear lectures about a guy who spoofed from his bedroom, except maybe other traders like us.

Well sure I can't disagree with that - but the way you stated it came off as a relative value statement on their respective lives. Sarao might have been sweating his balls off for days on end faking out HFTs but he wasn't the guy averaging down on 1000s of straddles against the Nikkei all the while trying to hide the entire thing from his employer. The latter might be more Hollywood but it's a hell of a lot more reckless in the grand scheme of things. I'm also not going to vilify a guy who was taking money from parasitic entities through hard work and his own capital and then celebrate a guy who directly affected the livelihood of probably 1000s of people by bankrupting a 200-year old BANK.

 

[Cdntrader]

This all makes me wonder if he didnt make 35 mill for clients and 20% of that for himself.
That would explain why he only has a fraction of all the money they claim he made.

I read it like it was set up for himself. he didn't have outside money. Offshore accounts are usually set up to avoid taxes. Unless he has broker statements to prove he lost the money, the court will assume he shifted the millions to another account. And he will be screwed.

 

[syswizard]

returning it to it's "rightful" owners (Goldman, Citadel, blah blah the same group of typical fucks).

who are the real crooks.....

 

[syswizard]

Unless he has broker statements to prove he lost the money, the court will assume he shifted the millions to another account. And he will be screwed.

I just saw a great movie "The Gambler" with Mark Wahlberg. I'll bever forget the scene where John Goodman, playing a loan shark, said to Wahlberg "You've got to get yourself into the position of "F**K YOU". That way you don't have to report to anyone".
Well in this case, Nav is certainly in that position. Unfortunately for him, the Feds also think they are in that position.
So Nav's basically saying "F**K YOU"....put me in jail for a few years and I'll be back....and I'll have MY money.
The Fed's basically saying "F**K YOU", we want to know where the money is, and we want you to give it back, and we'll <maybe> let you go free, but you wont' be able to trade ever again.